Jan 30, 2013 10:00pm PST
's specious. >>> the economy took an urn expected turn. it shrank for the first time since the great recession. >> reporter: the headline may be disappointing, but the underlying economy was showing renewed strength at the end of last year. consumer spending, which drives 2/3 of the economy was up 2.2%. home building soared more than 15%. and it contributed to economic growth in 2012 for the first time in six years. only government spending cuts on defense caused overall economic growth to flat-line. >> the fiscal tightening is taking a toll. it took a toll on growth in 2012. it will take a toll again in 2013. >> reporter: but in the trade channels of the u.s. economy, the tide appears to be turning. >> i think it's getting better. things are definitely getting better. >> reporter: robert landry is chief commercial officer at portland of new orleans. >> do you think of the port as a leading indicator? >> we are. we see a lot of things before it hits the economy. when people are making decisions, they're making them months in afrd vance to get them -- in advance to get them on board a ship. we'
Feb 1, 2013 10:00pm PST
there was strength in construction, manufacturing, and retail hiring. the labor department also said the economy added 422,000 more jobs last year than first reported. that upped the average monthly job growth in 2012 from 153,000 to 181,000. but the economy is facing new head winds, with the payroll tax rising again. from 4.2% to 6.2%. >> how much impact do you think the payroll tax hike is going to have on growth? >> consumers are faced with a drop in real disposable income of more than 2% in the first quarter. that's going to impact spending. that's going to shave a percentage point off of gdp growth. >> and slower growth, of course, means less hiring. many economists believe that will only be a temporary setback to the economy while people adjust. anthony mason, cbs news, new york. >>> we are less than 42 hours away from kickoff at super bowl xlvii. >> and no one is more excited than dennis o'donnell. he wants to go on another week, maybe two. dennis. >> you have no idea. you have no idea how much i like these press conferences and sound bites. two more weeks of this. >> i have a small